The government on Saturday raised the windfall tax on domestically-produced crude oil to Rs 11,000 from Rs 8,000/tonne, and the levy on export of diesel to Rs 12 from Rs 5 per litre, citing a rise in global crude prices in the last fortnight. The revised taxes will be effective from Sunday. It also reintroduced a levy of Rs 3.5/litre on export of jet fuel, at the seventh fortnightly review of the one-off taxes on oil companies.
- Advertisement -
The taxes were introduced on July 1, as the government felt that the elevated crude prices were allowing oil companies to make windfall profits, and that the exchequer must get a share of such gains.